Bitcoin (BTC) makes a slight rebound in the short term, temporarily around $63,820 as of July 29. Before the August recess, the U.S. Senate plans to push for a vote on the CLARITY Act, with moral clauses and bank lobbying serving as key obstacles. Strategy founder Michael Saylor warned that internal corruption is Bitcoin’s biggest threat and specifically called out opposition to BIP-110.
Macroeconomic Events & Crypto Hotspots
1、According to Politico, Republican senators in the U.S. hope to advance the CLARITY Act to a procedural vote before the August recess, but face multiple hurdles, including a tight legislative calendar, some Republican lawmakers wavering, and Democrats’ concerns about crypto gains for the Trump family. The bill’s fate depends on the votes of moderate Democratic lawmakers, but progressive Sen. Elizabeth Warren warned that supporting the bill would mean compromising with special interests and could potentially benefit the Trump family.
The core controversy remains over the moral clauses—Democrats want to restrict former President Trump from profiting from crypto businesses. Arizona Sen. Ruben Gallego is working on a counterproposal with North Carolina Republican Sen. Thom Tillis, aiming to include a mechanism for joint enforcement by the state attorney general and the Department of Justice. In addition, the banking industry continues to lobby against stablecoin incentive provisions. Texas Sen. John Cornyn and Utah Sen. John Curtis expressed sympathy for concerns about banks bleeding deposits, while Missouri Sen. Josh Hawley said, “Local banks have a lot of concerns.” Even if the Senate passes it, deliberation on the bill may be pushed to September—there is an extremely limited legislative window in an election year.
2、According to BlockTempo, Strategy founder Michael Saylor published a long post on July 28 warning that although Bitcoin has already scored a win, its biggest threat right now is not external enemies but “internal corruption” attempting to change consensus rules. He specifically opposed BIP-110, upgrade proposals such as Covenants and larger block sizes, and called on the community to defend Bitcoin’s underlying simplicity and neutrality, keeping innovation in the application layer at the edge.
Saylor believes Bitcoin’s most severe threat at present does not come from external pressure, but from internal corruption. He warned that certain factions are trying to invent excuses, rewrite rules, and seize economic rights, which would turn freedom into “permission” and law into “plunder.”
News Roundup
1、ARK Invest executive: Crypto industry revenue is highly concentrated, with three platforms including Hyperliquid accounting for nearly 80%
2、Caixin: Virtual currency is one of the few assets that can be pursued in Zou Shiming’s and his wife’s debt
3、Vitalik: Diamond iO moves program obfuscation from “impossible” to “theoretically feasible,” but security assumptions still need verification
4、South Korea presidential office: Will check structural factors behind high volatility in the Korean stock market, not limited to leveraged ETFs
5、Uniswap founder responds to v4 fee switch controversy: Protocol fees are additive, so LP returns are not reduced
6、Crypto DAO Pro token遭遇攻击; attacker and profit addresses hold about 8.2 million USDT
7、Ethereum Layer2 TVL drops to $5 billion, the lowest level since 2023
8、Trade.xyz will absorb the settlement losses from the SK Hynix contract pin event, saying the oracle is operating normally but will take responsibility actively
9、The U.S. Senate plans to push the CLARITY Act to a vote before the August recess, with moral clauses and bank lobbying as key obstacles
Market Trends
1、Latest Bitcoin news: $BTC makes a slight rebound in the short term, temporarily around $63,820. In the past 24 hours, $50.28 million has been liquidated, with long positions being the main side.
2、U.S. stocks’ four major indexes were mixed on July 28. The S&P 500 closed slightly higher, but the Philadelphia Semiconductor Index fell by more than 4%. Boeing and Coca-Cola rose, offsetting the impact of a sharp drop in chip stocks. At the same time, investors are waiting for Apple and other tech companies to report later this week. The Dow Jones Industrial Average closed up 537.24 points, a gain of 1.03%, at 52,747.32; the S&P 500 rose 15.60 points, up 0.21%, to 7,428.78; and the Nasdaq fell 55.17 points, down 0.22%, to 24,876.91.
（Source: Gate）
3、In the Gate BTC/USDT liquidation map, based on the current 63,991.20 USDT. If it drops to around $62,530, the cumulative liquidation amount for long positions will exceed $757 million; if it rises to around $64,153, the cumulative liquidation amount for short positions will exceed $212 million. The short-side liquidation amount is significantly lower than the long side; it is recommended to reasonably control leverage ratios and avoid triggering large-scale liquidations when market conditions change.
（Source: Coinglass）
4、In the past 24 hours, BTC spot inflows were $1.72 billion, outflows were $1.75 billion, for a net outflow of $30M.
（Source: Coinglass）
5、In the past 24 hours, net outflows led in contract trading for $SNDK, $SOXL, $SKHY, $MU, $SKHYNIX , etc., presenting trading opportunities.
Selected Views from X KOLs
Phyrex Ni（@Phyrex_Ni）：「Today I saw that some U.S. institutions have major disagreements over the Federal Reserve’s rate adjustment this month. Although most institutions think the Fed will not change rates, some still think it will choose to raise rates—especially, the reason they give is that Powell is trying to strengthen policy-based measures and still needs to reflect the Fed’s independence by raising rates.」
「As for me personally, I don’t think the Fed will adjust rates in July. First, June inflation has already fallen. Even though oil prices rose due to the war, they’re not that high. And even when Trump, to cater to the FOMC meeting, stopped attacks on Iran, oil prices had already returned to within $80.」
「Under these circumstances, I really can’t understand the argument for rate hikes. Instead, I believe tomorrow Powell will continue to downplay expectations for the future. The key remains whether to look at the data. He should acknowledge the war’s impact on oil prices, but won’t quickly choose to raise rates just because of the war. There was no dot plot in July, so I estimate most Fed officials will choose to stay put.」
「As for oil prices, I’m a bit worried that what’s happening right now could be temporary restraint staged by Trump for the Fed’s FOMC meeting. I hope it’s not the case.」
「For Bitcoin, lately the U.S. stock market has fallen quite sharply, but BTC’s resilience is still pretty good. My two-coin position expires tomorrow. There’s a high chance it won’t reach $63,000. I’m considering whether I should raise it to $63,500. After all, if the U.S. and Iran truly reach a deal, I think there is still a chance that the price rebounds to $67,000.」
Today’s Preview
1、U.S. EIA crude oil inventory change last week (ten thousand barrels) (through 0724), prior value was 201
2、SK Hynix releases its Q2 financial report
